Hi I have a math class with a horrible teacher from some country and I can't understand a word she says. Thus, I have a problem with my math homework. By the way it's not the terminology I can't understand it's the crazy accent. Anyway, The problem I have is that I need to figure out the monthly payments I need to make which I believe I already have. Then I need to figure out the total amount of interest I need to pay. Heres the info I got.
Principal Loan = $135,000
APR = 5.9%
Years = 30
I believe the monthly payment is at $800.73, but I'm not complete positive on that either. Any help would be appreciated.
Oct 21st 2009, 06:24 PM
Is it simple interest or compounding?
Oct 21st 2009, 06:50 PM
Calculate the monthly payment and the total amount paid in interest for a home mortgage of $135,000 with a fixed APR of 5.9% for 30 years.
That's the problem so my guess is regular interest.
Oct 21st 2009, 07:08 PM
A mortgage would suggest it is compounded.
divide this by the number of repayments
Oct 21st 2009, 07:24 PM
So then the answer is 381.69? That doesn't seem right.